Industrial automation expert ICT Group is set to come under new ownership. The Rotterdam-based company has reached an agreement with an investment consortium consisting of NPM Capital and Teslin Acquisition. In total, the investment firms have offered just over 140 million euros, or 14.50 per share – amounting to a 31.8 percent premium to ICT’s current share price. Pending the final approval of the conditional agreement, ICT CEO Jos Blejie and CFO Jan Willem Wienbelt will stay on and continue to lead the company with its growth strategy and will be bolstered by up to 200 million euros in equity financing to enable new add-on acquisitions.
This news comes just as ICT revealed its annual results for FY2020, where despite the Covid-19 pandemic, the software solution specialist performed well. Overall, its full-year revenue stream grew by 3 percent, up to 160 million euros from 2019’s 155.5 million. The company’s net profit was also up substantially, tallying 4.4 million euros, which represents a 63 percent increase from the 2.7 million it counted the year prior.
“In the past years, ICT Group has evolved from a secondment services provider to an industrial technology solutions provider with a resilient business model. This has resulted in a healthy mix of activities, while we further increase our focus on high added value services, including our own industry-specific software propositions,” says CEO Blejie. “The consortium is committed to supporting us in accelerating our growth and geographical expansion, including providing further equity financing for add-on acquisitions. NPM Capital and Teslin are reputable Dutch investors known for their long-term commitment with an entrepreneurial spirit and a solid track record of supporting management teams in growing their business.”